Ann: Appendix 3B, page-24

A little bit of research from the DGO presentation on 2 of the companies and your bang on the money.
Early on Andy kept saying a few more ounces and bit better grade.

From DCN website
A November 2016 Feasibility Study concluded an initial Ore Reserve of 18.6Mt @ 2.0 g/t Au for 1.2Moz at an AISC of A$1,039/oz (US$779/oz) and an initial 8 year production schedule averaging 186,000 oz per annum for the first 4 years.
In conjunction with the Feasibility Study, an expansion Pre-Feasibility Study was also completed, demonstrating a potential increase in the initial Ore Reserve to 21.4Mt @ 2.4g/t for 1.7Moz at a corresponding ASIC of A$970-975/oz. The expanded PFS extends the initial mine life to 9 years with the first 7 years averaging 197,000 oz per annum

This went 15-20 bags before production once they got to 3m oz in just over 1 year. Cap raising went from 50c to $2.50 minimising dilution.

Upon completion of the Feasibility Study in November 2016, Dacian Gold secured A$150M in project debt funding with three tier-one banks. Construction started in early CY2017, and gold production commenced in Q1 CY2018. The production marked the completion of a rapid and successful 11-month construction timeline that saw the project completed on time and on budget at A$200 million.

From GOR website
The Gruyere Mineral Resource has since grown to 144 million tonnes grading 1.3 grams per tonne for 5.9 million ounces of contained gold, making it one of the largest undeveloped gold deposits in Australia.
After completing positive Pre-Feasibility and Feasibility Studies on Gruyere, Gold Road announced in November 2016 it would sell 50% of the Project to leading international gold producer Gold Fields Ltd for A$350 million in cash plus a 1.5% Net Smelter Return royalty on production over 2 million ounces.
In the 2019 calendar year Gruyere is expected to produce between 170,000 and 230,000 ounces.
Had increased 15 fold from the lows currently 12 fold.

Both companies market cap around $500-600m.

I like DGO analysis.
I'm happy with either of the above scenarios.
GOR example of a big brother shouldn't necessary bring fear.